Fixed Refinance Mortgage Rates Decline as Both Sides Dig in Their Heels on Debt Ceiling

Fixed refinance mortgage rates declined today as both Republicans and President Obama dig in their heels on the coming debt ceiling limit that will be reached by Mid February or early March. Mortgage rates today on 30 year conforming loans declined to 3.45 percent, down from last week's average 30 year mortgage rate of 3.51 percent. Average 30 year mortgage rates are just above all-time record lows of 3.37 percent set in November of 2012.

The future direction for mortgage rates in 2013 will be lower in general thanks to the FOMC buying mortgage-backed securities to lower rates. If the economy goes back into another recession because of the debt ceiling issue average mortgage rates will fall even lower.

With a crisis averted on the debt ceiling average conventional mortgage rates on 30 year loans will probably fall as low as 3.25 percent. Without a debt deal we could see average 30 year mortgage rates fall below 3.00 percent. Surprisingly there are lenders currently quoting 30 year conventional mortgage rates below 3.00 percent with points.

Today's mortgage rates on 15 year conventional home loans are averaging 2.79 percent, a decline from last week's average 15 year mortgage rate of 2.83 percent. Average 15 year mortgage interest rates are also just above record lows of 2.67 percent set back in November 2012.

In 2013 average 15 year mortgage rates will head lower and make new record lows. 15 year mortgage refinance rates could fall as low as 2.65 percent with a fiscal cliff deal and without a deal average 15 year refi rates could fall below 2.50 percent. Right now there are many lenders already quoting 15 year refinancing rates well below the average and below 2.50 percent.

Refinance rates today on 15 year loans in the state of California can be found as low as 2.25 percent with points on our rate lists. Without points the lowest 15 year refi rates on our rate list for the state of California are at 2.50 percent. In most other states on our rate lists you can also find 15 year conventional refinance rates as low.

Average 30 year jumbo mortgage rates today are at 4.01 percent, down from last week's average 30 year jumbo mortgage rate of 4.06 percent. Current mortgage rates on 30 year jumbo loans are just above record lows of 3.93 percent set late in 2012. The future direction of jumbo refinance rates will be lower in 2013, rates will fall below 4.00 percent and make new record lows.

Jumbo mortgage rates today in the state of Connecticut can be found as low as 3.625 percent with zero mortgage points. Jumbo refinance rates on our rate lists for most other states can be found below 4.00 percent with points and without points.

Average 15 year jumbo mortgage interest rates are at 3.43 percent, a decline from last week's average 15 year jumbo mortgage rate of 3.48 percent. 15 year jumbo mortgage refinance rates are also just above record lows of 3.35 percent set in December of 2012. Currently on our 15 year jumbo rate list for Colorado there are lenders listed offering 15 year jumbo rates below 3.00 percent.